fell 5% late Monday after the medical device company warned of a weaker-than-expected quarter and shook up its EBI division.
The Warsaw, Ind., company said it would post fourth-quarter earnings of around 41 cents a share on an adjusted basis, on sales of $503 million. Analysts surveyed by Thomson First Call had forecast a 44-cent profit on sales of $520 million.
The company also shook up its EBI unit, saying Bart Doedens would replace James R. Pastena as president. Pastena "has decided to pursue other interests," Biomet said, adding that it "anticipates an improvement in EBI's operating results going forward."
Late Monday, Biomet fell $1.75 to $35.25.